Nation to make better use of state-owned properties

Economy

Nation to make better use of state-owned properties

Published: 14 Aug. 2023, 19:34 Updated: 15 Aug. 2023, 14:50

JIN MIN-JI
jin.minji@joongang.co.kr

Finance Minister Choo Kyung-ho speaks while presiding over a meeting of a committee on state-owned properties at the government complex in Sejong on Aug. 14. [Yonhap]

Korea will seek ways to make better use of state-owned properties to help revitalize the economy and spur regional development, the Ministry of Economy and Finance said Monday.

The country has about 1,300 trillion won ($977.23 billion) in national assets, up from about 1,000 trillion won in 2016, according to the ministry.

"The government had long focused on maintaining and managing state-owned properties, which led to a failure in meeting public demand and expectations regarding their usage," Finance Minister Choo Kyung-ho said during a meeting of a committee on public assets.

"The Yoon Suk Yeol government has decided to shift the policy path on the issue to fully utilize them for supporting the private sector and the economic revival. The government will continue to push for ways to use and develop public assets for the people and local governments," he added.

The government launched a survey of state-owned properties in August, with the goal of either better utilizing or selling unused and idle public lands and buildings, the ministry said.

As part of the plans, the government said it will create a searchable database of national properties like prisons for filming locations for local movies and TV shows.

Video footage and images of such facilities will also be available on mobile platforms by 2025, the government added.

Some idle buildings and facilities will be turned into spaces for young people and lent to private entities.

The government is also pushing for measures to boost sales by simplifying administrative procedures and providing tailored consulting services to potential buyers.

Last year, the government announced a plan to sell public assets worth 16 trillion won and more over the next five years to bolster public finances.

It sold public properties worth 2.1 trillion won to private entities and local governments in 2022, the ministry said.

Yonhap